Douglas County commissioners to consider $37 million in bonds for The Gregory
The proposed financing would support an affordable 165-unit senior-housing project in Highlands Ranch without making the county responsible for repaying the bonds.
Douglas County commissioners are scheduled to consider authorizing up to $37 million in private-activity bonds for The Gregory, a proposed affordable senior-housing project in Highlands Ranch, at their Sept. 22 business meeting.
The project would include about 165 rental units for income-eligible adults age 55 and older at the northeast corner of Plaza Drive and Flying B Way, according to the county meeting packet.
The Douglas County Housing Partnership would issue the bonds and loan the proceeds to The Gregory, LLC. The financing would cover part of the project's acquisition, construction, improvements and equipment, as well as certain reserves and issuance costs.
The proposed bonds would not be county debt or create a financial obligation for Douglas County, according to the packet. Bondholders would have no claim on the county's general credit or taxing powers.
The board would consider a bond-authorizing resolution and a public-approval certificate intended to satisfy federal tax requirements for the bonds. The action would not replace local construction or occupancy approvals, which would remain with the jurisdictions responsible for those permits. The meeting was still scheduled for Sept. 22 as of Sept. 19.